The Research Of Performance Evalution Of M&a Based On The EVA And BSC Perspective

In the sustainable development of our economy, enterprise competition intensifying, M&A(mergers and acquisitions)has become the most means of enterprise survival and development.Therefore, the research on the performance of M&A has become an important subject.At present, scholars often use Market Performance Evaluation or Accounting Performance Evaluation to evaluate M&A performance.Due to different evaluation methods, different emphasis, often can get different conclusions.What is M&A performance,and how to evaluate it?The purpose of this paper is how to from the strategic target of enterprise measure M&A performance is more scientific and reasonable, and provide suggestions for future enterprise increase M&A performance.This paper is under the guidance of BSC,on the basis of M&A performance theory, combined with the management and economics, based on the perspective of the balanced scorecard,analysis of Guangzhou Pharmaceutical merger Baiyunshan case of M&A integration process,research on M&A performance evaluation method.This paper analyzes Guangzhou Pharmaceutical merger Baiyunshan motives mainly as follows: Guangzhou Pharmaceutical slow development, lack of motivation and the subsequent development of large research and development risks, and mergers and acquisitions can help it achieve the integration of resources, research and development efforts to enhance the status and operational management level, improve business performance. It used Baiyunshan sales channels, occupied the national market and expand market share, the elimination of related party transactions, reduce costs and operating expenses. And, after Guangzhou Pharmaceutical mergers and acquisitions, can rely on capital markets financing, capital markets to achieve multi-channel financing, beneficial to achieve rapid, healthy and leapfrog development.. Based on the Guangzhou Pharmaceutical mergers and acquisitions from the he purpose of the enterprise's strategic objective,this paper build EVA as the core indicators of financial balanced scorecard system, from financial, customer, internal processes, learning and growth in four aspects to evaluate the performance of Guangzhou Pharmaceutical merger Baiyunshan.In this paper, breaking the traditional use of financial indicators of M&A performance appraisal, starting from the above four aspects, build EVA as finance core indicators of the balanced scorecard system, emphasize the interests of the owner, a more comprehensive, and dynamically reflect the performance of the enterprise M&A.In financial aspect, quantitative analysis, subdivided into profit ability, debt paying ability, operating ability, development ability, these four aspects of in-depth study, by varying the years before and after comparison of these indicators index acquisition, analyze its financial performance.In the aspect of customer, qualitative analysis of changes that have occurred before and after M&A market share, brand awareness etc, be reflected through the income and the proportion of total industry revenue, industry charts and so on. The main consideration of the needs of customers, from a market perspective, new business after the merger will inevitably bring back a combination of client resources, new enterprise customers in terms of consolidation measures will affect the market share of the change, thereby affecting the profitability of enterprises. Therefore, the establishment of brand awareness, market share, advertising rates of the three main indicators.In the aspect of internal processes, carries on the qualitative analysis. Set up marketing channels, the structure of the brand, innovation and business development of these indicators, by the number of sales channels, marketing system, brand variety,R&D spending, the proportion of gross income and other aspects of these changes before and after the merger, analyzes its internal process performance of M&A.In the aspect of learning and growth, carries on the qualitative analysis. The situation before and after the acquisition of employees in production sales rate, educational level, learning ability and other aspects of change. To set up the cultural level, learning ability, production efficiency, and other indicators.By constructing a four-dimensional evaluation system of performance before and after the merger comparison, expectations for future M&A participants new ideas and methods of performance evaluation.Through three years of 2010-2012 data before the merger and 2013-2015 after the merger of data comparison found that: after Guangzhou Pharmaceutical merger Baiyunshan basically achieved financial, customer, internal processes, learning and growth these improvements, belonging to the success of mergers and acquisitions.